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Alaska Air | 8-K: Alaska Air Group reports first quarter 2024 results

SEC announcement ·  Apr 18 15:28
Summary by Moomoo AI
On April 18, 2024, Alaska Air Group, Inc. reported its financial results for the first quarter of 2024, achieving a record first quarter operating revenue of $2.2 billion. The company, headquartered in Seattle, Washington, and incorporated in Delaware, is listed on the New York Stock Exchange under the ticker symbol ALK. Despite facing significant challenges, including the impact of Flight 1282 in January and the Boeing 737-9 MAX grounding which extended into February, the company reported a net loss of $132 million, or $1.05 per share, under GAAP. This compares to a net loss of $142 million, or $1.11 per share, for the same period in 2023. Excluding special items and mark-to-market fuel hedge accounting adjustments, the net loss for Q1 2024 was $116 million, or $0.92 per share. Alaska Air Group also...Show More
On April 18, 2024, Alaska Air Group, Inc. reported its financial results for the first quarter of 2024, achieving a record first quarter operating revenue of $2.2 billion. The company, headquartered in Seattle, Washington, and incorporated in Delaware, is listed on the New York Stock Exchange under the ticker symbol ALK. Despite facing significant challenges, including the impact of Flight 1282 in January and the Boeing 737-9 MAX grounding which extended into February, the company reported a net loss of $132 million, or $1.05 per share, under GAAP. This compares to a net loss of $142 million, or $1.11 per share, for the same period in 2023. Excluding special items and mark-to-market fuel hedge accounting adjustments, the net loss for Q1 2024 was $116 million, or $0.92 per share. Alaska Air Group also announced a ratified agreement with AMFA-represented employees and a pending acquisition of Hawaiian Airlines, subject to regulatory approval. The company repurchased over half a million shares for approximately $21 million and ended the quarter with $2.3 billion in unrestricted cash and marketable securities. Operational updates included the return of the 737-9 MAX fleet to service and the introduction of a new monthly subscription program, Alaska Access. Looking forward, the company expects a capacity increase of 5% to 7% in Q2 and an earnings per share of $2.20 to $2.40.

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